How to buy a car from a private seller

What to know when buying a car from a private seller

You’ve shopped around and found the perfect car. Now what? There are key steps in the process but finding financing and getting pre-approved – or better yet, approved – is always top of mind. Get tips on buying a car from a private seller and consider a personal loan for your purchase.

Personal loan details and benefits

Quick and easy

A personal loan can give you quick access to funds for your car-buying needs. We consider your credit score, debt-to-income, credit history and other factors when making approval decisions. The final loan amount, annual percentage rate and estimated monthly payment may vary based on your credit score and other credit qualifiers.

If you’re a U.S. Bank customer, you may borrow at least $1,000 up to $50,000. Not a U.S. Bank customer? You may be able to borrow up to $25,000.

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As low as X.XX% APR1

If approved, you'll pay the same amount every month for a term of 12 to 84 months (maximum 60 months for non-customers), with a fixed annual percentage rate (APR), ranging from X.XX% to 24.99% APR.1

No hidden costs or fees

When you take out a personal loan, you’ll pay no origination fees and there is no prepayment penalty. You’re always free to make loan payments ahead, in part or in full.

No collateral required

A personal loan doesn’t require your home or car as collateral, so you won’t have to deal with inspections or appraisals.

Not a U.S. Bank customer? Explore our checking account options.

Use this personal loan calculator to estimate your monthly payment.

Just answer a few quick questions and we'll give you a personalized estimate.

For how many months?

Enter any loan term from 12 to 84 months. For those who aren’t current U.S. Bank customers, the maximum term length is 60 months.

What's your credit score range?

How do you get a personal loan?

Follow these 3 easy steps to help you get a personal loan.

Step 1: Check your rate.

Check your personalized rates. We’ll use some information about you to do a soft credit check, which will not affect your credit score.

Step 2: Apply.

When you’re ready to apply, you’ll need:

  • Social Security number (SSN)
  • Home address and employment information

You can apply with another person. If you apply with a joint applicant, their income and credit background are also considered and may affect your interest rate or loan amount.

Once you submit your application, U.S. Bank will request a full credit report, which may affect your credit score.

How long does it take for a loan to process?
Typically we’ll notify you with your loan approval status in less than a minute.

Step 3: Close your loan.

If your loan is approved, you may close your loan online. Funds are available within one to four business days of loan closing.

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Know your score range before applying for loans and lines of credit.

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  1. As of February 12, 2024 the fixed Annual Percentage Rate (APR) ranged from 8.99% APR to 24.99% APR, and varies based on credit score, loan amount, purpose and term. Minimum loan amount is $1,000 and loan terms range from 12 to 84 months (up to 60 months for non-customers). The lowest APR in the range is available on loans of $10,000 or more with a term of 12-36 months, a credit score of 800 or greater, purpose of auto purchase and includes discount for automatic payments from a U.S. Bank or external personal checking or savings account. Automatic payments and U.S. Bank personal checking or savings account are not required for loan approval. Electronic funding to a non-U.S. Bank account requires verification and can take one to four business days. Not all loan programs are available in all states. The Consumer Pricing Information disclosure lists fees, terms, and conditions that apply to U.S. Bank personal checking and savings accounts. This disclosure can be obtained by visiting a U.S. Bank branch or calling 800-872-2657. Loan payment example: on a $10,000 loan for 36 months, monthly payments would be $317.95 and APR of 8.99% with automatic payments from a personal checking or savings account and for the purpose of auto purchase. Maximum loan amounts may vary by credit score. Loan approval is subject to credit approval and program guidelines. Interest rates and program terms are subject to change without notice.

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Installment loans are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.